Source: Keppel

Keppel to deploy four rigs in Saudi Arabia

The rigs are expected to generate a revenue of about $250m in the next 3-5 years. 

Keppel Corporation Limited, through its subsidiary Keppel Offshore & Marine, completed modifications of for KFELS B Class jackup rigs that will be deployed in Saudi Arabia. 

The rigs will be chartered in pairs to Arabian Drilling Company (ADC) and ADES Saudi Limited Company (ADES).

The rigs are expected to generate a total charter revenue of about $250m in the next three to five years. 

Read more: Keppel O&M accelerates delivery of three jackup rigs to Borr Drilling

“As utilisation and day rates continue to rise, we are seeing demand for modern, high specification jackup rigs grow,” Tan Leong Peng, Managing Director (New Builds) of Keppel O&M, said.

“Riding on this growing demand, all our legacy KFELS B Class rigs have been contracted. Operationally ready rigs with good track records and stable cash flows are attractive assets that will enjoy a strong advantage with operators and investors.”

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